Oddbean new post about | logout

Notes by sella maurtan | export

 CryptoQuant's analysts suggest that Ethereum's price is still above what they consider an undervalued range. They indicate that the ETH/BTC ratio might need to drop by 50% before Ethereum enters a more favorable valuation territory, implying that further price decreases could be on the horizon 
 The company reported a 13% decrease in Bitcoin production in August 2024 compared to July. Bitcoin mining firms have been grappling with profitability challenges due to increasing energy costs and adjusting to the Bitcoin network’s halving event in April, which cut mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks. 
 The forecasted $10.3 billion investment in Bitcoin by US companies underscores a significant shift in corporate strategy towards digital assets, driven by the need for inflation protection and long-term value preservation. As more companies recognize the benefits of Bitcoin, its role in corporate finance is likely to expand further. 
 This endorsement of Harris by Cheney, a prominent figure in the Republican Party and former vice president under George W. Bush, has sparked considerable discussion. Liz Cheney echoed her father's sentiments, highlighting the seriousness of the current political climate and the perceived dangers posed by Trump. The announcement has drawn mixed reactions, with some expressing shock at Cheney's decision to support a Democratic candidate. 
 The call for crypto discussions is underscored by the increasing relevance of digital assets among younger voters, particularly millennials and Gen Z, who view cryptocurrencies as a significant economic and financial issue. As the crypto community continues to grow, its influence on the electoral process may become more pronounced, potentially swaying the outcome of the election. 
 The EFUT ETF faced significant hurdles since its launch, including a decline in value and limited trading volume. On its debut, the ETF was reported to be down by 6.6%, reflecting the volatility and uncertainty that often accompany cryptocurrency investments. The broader market for Ether futures ETFs has struggled to gain traction, which may have contributed to VanEck's decision to shutter the fund. 
 The SEC filed a lawsuit against Coinbase in June 2023, accusing the company of operating as an unregistered securities exchange, broker, and clearing agency. Since then, Coinbase has been engaged in a legal struggle to compel the SEC to provide documents that it claims are essential for its defense. The exchange's chief legal officer, Paul Grewal, expressed optimism about the court's order, indicating that it would lead to the SEC producing important materials for the civil case. 
 The regulatory actions have sparked concerns within the crypto community about the lack of clarity and guidance from regulators. Many in the industry argue that the recent legal battles have not provided the regulatory clarity that firms have been seeking for years. Uniswap's legal team has expressed frustration, suggesting that engaging with the SEC feels like "talking to a wall" 
 The jobs report revealed that only 114,000 jobs were added, significantly below expectations, and the unemployment rate unexpectedly rose to 4.3%. This data has intensified speculation about the Federal Reserve's next moves, particularly regarding interest rate cuts. While some analysts believe that the weaker job growth could prompt the Fed to lower rates to stimulate economic activity, others caution that the central bank's decisions will depend on a broader range of economic indicators 
 Intel has faced significant financial difficulties, including an 8% revenue decline in its PC client business last year, prompting the company to explore options for shedding certain business units. Qualcomm's interest in acquiring parts of Intel's design operations comes at a time when Intel is looking to streamline its operations and focus on its core strengths. 
 The investment will be divided into two phases: the first phase will involve 587.63 billion rupees (around $7 billion), while the second phase will account for 251.84 billion rupees (approximately $3 billion). The facility is expected to produce chips that will be utilized in various applications, including drones, automobiles, smartphones, and other mobility solutions. Tower Semiconductor specializes in analog chips, which are crucial for automotive and medical applications. 
 Choi was previously indicted in June 2023 for allegedly attempting to establish a copycat chip factory in China using sensitive information obtained from Samsung. His lawyer, Kim Pilsung, stated that Choi denies any wrongdoing, asserting that the information he is accused of stealing is publicly available. This case highlights South Korea's ongoing efforts to combat industrial espionage and curb China's advancements in chip manufacturing. 
 The court found that Tambosso did not return the Bitcoins as agreed. Instead, he provided occasional updates but failed to deliver any Bitcoin back to Nguyen. The judge noted that Nguyen took legal action five months after the loan was made, as he had not received any repayment 
 Potential for Consolidation: As U.S.-listed miners leverage their capital-raising capabilities, they are well-positioned to consolidate the market. This consolidation can lead to a more streamlined industry with fewer players, potentially increasing efficiency and profitability across the sector. 
 Financial Relief for Tipped Workers: The elimination of taxes on tips could provide financial relief for some workers in the hospitality sector. However, it's important to note that a substantial portion of tipped workers already earn too little to pay federal income taxes. In fact, 37% of tipped workers had incomes low enough that they paid no federal income tax at all in 2022 
 The controversy arose when BitGo announced plans to transfer control of WBTC to a joint venture that includes itself, BiT Global, and Justin Sun's Tron ecosystem. This announcement raised concerns about the security and management of WBTC, particularly due to Sun's involvement, which many in the community view with skepticism. BitGo's CEO, Matt Belshe 
 Stablecoin Momentum: The increase in stablecoin issuance is seen as a positive sign for Bitcoin's price action. Markus Thielen, a market researcher at 10x Research, noted that if Bitcoin can maintain its price above $60,000, it could set the stage for a significant rally. However, he cautioned that without stronger inflows of stablecoins, this upward momentum might falter 
 the performance of Ethereum exchange-traded funds (ETFs) is showing mixed signals, particularly highlighted by the $31 million outflow reported by the Grayscale Ethereum Trust (ETHE). This outflow is part of a larger trend, as ETHE has seen a staggering $2.3 billion in total outflows since its inception, which represents a 25% reduction from its initial holdings of $9 billion in Ether :https://cointelegraph.com/news/ethereum-etfs-show-mixed-signals-as-ethe-reports-31-m-outflow 
 U.S. Economic Data: The soft U.S. producer prices data has led to optimism regarding consumer price inflation, which in turn has supported the rise in Asian shares . This data suggests that inflationary pressures may be easing, which is a positive sign for global markets. 
 The United States has approved a significant arms sale to Israel, amounting to $20 billion. This deal includes a variety of military equipment, notably scores of F-15 fighter jets and advanced air-to-air missiles. The announcement was made by the State Department on Tuesday, just ahead of scheduled cease-fire talks in the region 
 U.S. Bitcoin exchange-traded funds (ETFs) are on track to surpass the estimated Bitcoin holdings of the cryptocurrency's creator, Satoshi Nakamoto. As of now, these ETFs collectively hold approximately 909,700 BTC, valued at around $55.1 billion based on current market prices of about $60,500 per Bitcoin 
 Universal Music Group (UMG), the world's largest music label, has announced an expanded agreement with Meta Platforms (formerly Facebook) on Monday. This agreement aims to create new opportunities for UMG artists and songwriters across Meta's social platforms, including Facebook, Instagram, Messenger, Horizon, Threads, and for the first time, WhatsApp 
 Austrian advocacy group NOYB (None Of Your Business) has filed a complaint against social media platform X, accusing the company of training its artificial intelligence (AI) with users' personal data without their consent. This action is in violation of EU privacy law, according to NOYB. The complaint was filed to ramp up pressure on the Irish data protection authority, which is the lead EU regulator for many top U.S. internet firms, including X. 
 Bitcoin miners have experienced their lowest daily revenue of 2024, reaching a new yearly low of $2.5 million. This decline in revenue can be attributed to various industry challenges. However, some companies have managed to remain profitable through strategic overhauls and adaptations to the changing landscape of Bitcoin mining. 
 Marathon's decision to raise funds and acquire more Bitcoin is seen as a positive development, especially considering the challenges faced by Bitcoin miners due to the 2024 Bitcoin halving. The halving resulted in a 50% reduction in block rewards, which could potentially force other miners to sell their Bitcoin. By continuing to accumulate Bitcoin, Marathon aims to establish it as a strategic reserve asset for the company 
 During the conference, CrowdStrike's president, Michael Sentonas, personally accepted the award and expressed his regret for the incident. He acknowledged that the award was not something to be proud of but emphasized the importance of taking responsibility for mistakes and learning from them. Sentonas stated that he would display the award at CrowdStrike headquarters as a reminder to the team that failure is unacceptable. 
 Bitcoin metric analyzed by CryptoQuant, there are indications of a potential "local bottom" for Bitcoin as traders eye a sub-$60K BTC price. The metric in question is the network value to transaction golden cross (NVT-GC) tool, which has signaled two previous bottom signals in January and July of 2024. Following those signals, Bitcoin experienced subsequent price gains of 78% and 23%, respectively. 
 U.S. Securities and Exchange Commission (SEC) official John Reed Stark, Morgan Stanley's push for Bitcoin exchange-traded funds (ETFs) is seen as a "death wish." Stark believes that by allowing its 15,000 financial advisors to pitch Bitcoin ETFs to clients, the bank has exposed itself to intense regulatory scrutiny. He suggests that regulators view Bitcoin and other digital assets as a risky investment and may closely examine Morgan Stanley's activities in this space. 
 BitGo, a prominent cryptocurrency custody platform, is set to transition its Wrapped Bitcoin (WBTC) business to a multi-jurisdictional and multi-institutional custody structure. This move aims to enhance the security of its operations by diversifying custodial locations beyond the United States, with plans to include Hong Kong and Singapore as new jurisdictions 
 Avatar: A new attraction inspired by the visually stunning world of Pandora is set to immerse guests in the breathtaking landscapes and adventures of James Cameron's film series.Indiana Jones: Fans of the iconic archaeologist can look forward to an attraction that promises to bring the thrilling escapades of Indiana Jones to life, likely featuring elements from the films that fans know and love. 
 Attacks on Jon Tester: Trump criticized Tester for his support of major legislation under President Biden, including the Inflation Reduction Act. He labeled Tester as one of the "biggest phonies in American politics" and emphasized the importance of the upcoming Senate race, where Tester is challenged by Republican Tim Sheehy 
 The CFTC's Whistleblower Program allows individuals who voluntarily provide original information that leads to successful enforcement actions to receive monetary awards ranging from 10% to 30% of the monetary sanctions collected from the violators . In this recent case, the whistleblower's information was deemed sufficiently specific, credible, and timely, prompting the CFTC to initiate an investigation 
 The scam typically begins with the scammer making a small payment in USDT to the victim, which is intended to build trust. Following this, the scammer invites the user to participate in a "small repayment test." This involves scanning a QR code that leads to a third-party website 
 Size and Complexity: The Llama 3.1 model is noted for its impressive scale, featuring 405 billion parameters. It was trained using over 16,000 NVIDIA H100 GPUs, making it one of the most powerful open-source AI models available 
 The profits will be directed to two key organizations: the Protocol Guild, which supports over 170 contributors to Ethereum's Layer 1 protocol, and the PBS Foundation, a nonprofit focused on funding open-source development within the Ethereum community 
 The decision to halt the IPO and mining operations comes amid a challenging environment for Bitcoin miners, particularly following the recent Bitcoin halving, which has made mining less profitable. Klippsten noted that the firm had initially aimed to go public within 12 months after launching its mining venture in 2023, but the current market conditions have necessitated a reevaluation of their strategy 
 Former President Donald Trump has expressed support for a national ban on abortions around 15 to 16 weeks, suggesting that he would negotiate a deal that includes exceptions for cases of rape, incest, and to save the life of the mother . This position aligns with a growing number of states that have enacted similar restrictions, although the specifics can vary widely across the country 
 The South Carolina primary has a reputation for being a make-or-break moment for presidential hopefuls. For instance, George W. Bush's victory in the 2000 primary helped solidify his path to the nomination after a tough loss in New Hampshire . This trend continues, as South Carolina's primary results can significantly influence the momentum of candidates, shaping perceptions and voter support across the nation. 
 The South Carolina primary has a reputation for being a make-or-break moment for presidential hopefuls. For instance, George W. Bush's victory in the 2000 primary helped solidify his path to the nomination after a tough loss in New Hampshire . This trend continues, as South Carolina's primary results can significantly influence the momentum of candidates, shaping perceptions and voter support across the nation. 
 The ex parte declaration likely contains sensitive information related to the DOJ's investigations, which could impact the defense strategy. By allowing Trump's legal team access to this information, Cannon is facilitating a more transparent legal process, albeit one that has been marked by controversy and scrutiny regarding her impartiality and the legal precedents involved 
 The reaction from the crowd was mixed, oscillating between incredulous laughter and deep groans. Trump's comments were perceived as insensitive, especially in the context of discussions about serious issues affecting the Black community, such as police violence . This incident reflects the broader challenges Trump faces in engaging with Black voters, particularly given his history of controversial remarks and policies that many view as hostile to minority communities. 
 Nevada's Secretary of State, Francisco V. Aguilar, clarified that this glitch does not equate to voter fraud. He emphasized that there is no evidence of widespread voter fraud in Nevada, either currently or historically. The glitch was purely a coding error and did not affect the actual tabulation of votes, which is conducted at the county level 
 Trump has criticized the legal system, labeling it as corrupt and biased against him. He has positioned himself as a victim of political persecution, which he believes has garnered him support among Black voters who may feel similarly marginalized by the justice system. His mugshot from a recent booking has even been framed as a badge of honor, with Trump asserting that it has helped him connect with Black voters 
 Limited Options: The approval of just four Bitcoin ETFs suggests that the platform is being selective about which products it offers to its clients. This could be due to concerns about the regulatory environment surrounding cryptocurrencies and the need for robust risk management strategies. 
 Conditions of Confinement: Osechkin claims that Navalny was forced to endure these frigid temperatures, which he believes could have severely compromised Navalny's physical condition. He suggested that such exposure "destroyed his body" and slowed his blood circulation, facilitating a fatal blow that was delivered later 
 Crypto Capital of the World: Trump promised to make the U.S. the "crypto capital of the world" if he is re-elected. He emphasized the need for a supportive regulatory environment, stating that the rules governing cryptocurrency would be crafted by those who understand and appreciate the industry 
 Historical Dominance: China was once the epicenter of Bitcoin mining, accounting for 65% to 75% of the global hash rate before the ban. Even after the crackdown, the infrastructure and expertise developed over years have not completely dissipated, allowing some miners to continue operating 
 Limited Economic Impact: Despite the growing attention and value associated with Bitcoin, the ECB maintains that cryptocurrencies do not yet play a significant role in the broader economy. They are considered too small to impact retail payments or central banking operations meaningfully 
 Rising Numbers: In recent years, the number of Chinese migrants using the Darien Gap has surged dramatically. For instance, in 2023 alone, over 12,000 Chinese migrants were recorded crossing this route, making them one of the largest groups of extracontinental migrants traversing the area 
 The impeachment inquiry has been fueled by allegations that President Biden may have been involved in his son Hunter Biden's foreign business dealings. Smith has raised concerns about whether these dealings could compromise the President's integrity and decision-making while in office 
 Trump's Dominance: Trump remains the frontrunner, with a substantial lead in national polls and primary contests. This dominance makes it increasingly difficult for Haley and other candidates to secure the nomination. However, Haley's supporters believe that her moderate stance could appeal to a broader electorate in the general election. 
Event not found
 Bitcoin Light Client: This component functions as a smart contract on the NEAR network, enabling decentralized applications (dApps) on NEAR to verify Bitcoin transactions. It ensures that these applications have access to the most current state of the Bitcoin blockchain, which is crucial for maintaining accurate transaction records and functionalities.